Universal receives consents to amend 11¾%, 8 3/8% notes and floaters

New York, Nov. 5 - Universal City Development Partners Ltd., which does business as Universal Orlando, and UCDP Finance, Inc. said they received the necessary consents to amend their $500 million principal amount of 11¾% senior notes due 2010 while Universal City Florida Holding Co. I, Universal City Florida Holding Co. II, UCFH I Finance, Inc. and UCFH II Finance, Inc. receive the consent to amend their $150 million principal amount of 8 3/8% senior notes due 2010 and $300 million principal amount of floating-rate senior notes due 2010.

By the consent deadline of 5 p.m. ET on Nov. 5, Universal City Development had received tenders and consents from $391.313 million, or 78.263%, of the 11¾% notes.

By the same deadline, Universal City Florida had received tenders and consents for $137.128 million, or 91.419%, of the 8 3/8% notes and $299.4 million, or 99.8%, of the floaters.

In each case the issuers have entered into supplemental indentures to amend the notes. The changes will become operative when the notes are accepted for payment.

The tenders began on Oct. 23.

Universal City Development said it will pay $1,005 for each $1,000 principal amount plus accrued interest up to the payment date, including a $5.00 fee for notes tendered by 5 p.m. ET on Nov. 5, the consent date.

The tender offer will expire at 5 p.m. ET on Nov. 20.

The companies are soliciting consents to amend the notes to eliminate substantially all of the material restrictive covenants and events of default.

The amendments require consents from holders of a majority of the notes. Holders may not tender their notes without delivering consents.

Meanwhile Universal City Florida will pay $1,003.50 per $1,000 principal amount for the 8 3/8% notes, including a fee of $2.00 for notes tendered by 5 p.m. ET on Nov. 5, the consent date.

The company will pay $1,002 for each floater, including a consent fee of $3.50.

The issuers will pay accrued interest up to the payment date.

The tender offer will expire at 5 p.m. ET on Nov. 20.

J.P. Morgan Securities Inc. (collect 212 270-1477), Banc of America Securities LLC, Barclays Capital Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Morgan Stanley & Co., Inc. are the dealer managers and solicitation agents for both offers.

D.F. King & Co., Inc. (800-549-6697 and for brokers and banks 212 269-5550) is the information agent.

Universal Orlando is an Orlando, Fla.-based owner and operator of theme parks.

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